Singapore shares were slightly down on Monday, with investors
waiting for the minutes of the Federal Reserve's policy meeting,
but Rowsley Ltd rose for the second day after a broker
highlighted the potential upside for the stock.

The Straits Times Index was down 0.2 percent at
3,192.25, while MSCI's broadest index of Asia-Pacific shares
outside Japan was 0.5 percent lower.

Shares of Golden Agri-Resources Ltd outperformed
the market, rising as much as 2.9 percent. The stock had
wallowed at three-year lows after the company reported a 58
percent fall in second-quarter net profit, hurt by lower palm
oil prices.

Shares of Rowsley, Singapore billionaire Peter Lim's
investment firm, rose as much as 4.4 percent to S$0.475. More
than 27 million shares were traded, 1.4 times the average
full-day volume over the past 30 days.

Rowsley said last week it had received an in-principle
approval from the Singapore Exchange for its deals valued at
S$545 million ($428 million), including the proposed acquisition
of vacant land in Malaysia's Iskandar Development Region.

OCBC Investment Research said if the proposed deal succeeds,
it estimated a value of S$0.67 to S$0.85 for each existing
Rowsley share. If the deal fails, it valued each Rowsley share
at around S$0.034 - the book value per share as of end-June.

Energy exploration and production firm Mirach Energy Ltd
was the second-highest traded stock by value on
Monday. The shares rose as much as 10 percent to S$0.385, the
highest since July 22, with nearly 70 million shares traded.

Mirach, which operates assets in Cambodia and South Sumatra
in Indonesia, reported last week net profit of $43,000 for its
second quarter versus a loss of $1.4 million a year earlier.